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What is Sei?

What is Sei?

Uncover the potential of Sei Network's Layer 1 blockchain, tailored for high-speed digital transactions and powered by a parallelized EVM.

Summary: Sei Network is an advanced Layer 1 blockchain tailored for digital asset exchanges, addressing key challenges in decentralization, scalability, and efficiency. Its standout feature is a parallelized Ethereum Virtual Machine, boosting transaction speed and throughput. Sei v2 further enhances this with features like Optimistic Parallelization and improved storage layers. 

The network uses SEI tokens for transaction fees, governance, and incentives. Co-founded by Dan Edlebeck and Jayendra Jog, Sei supports notable applications like Astroport and SEIYAN, indicating strong growth and community involvement in the blockchain sector.

Sei Overview
5.0 out of 5.0 by Datawallet
Sei Network is a pioneering Layer 1 blockchain platform, renowned for its high-speed, scalable solutions and innovative parallelized Ethereum Virtual Machine, designed to optimize digital asset exchanges.
Key Features
Parallelized EVM, High TPS and Cosmos-SDK Compatible.
Investors
Jump Crypto, Multicoin Capital, Delphi Ventures and others.
Ecosystem Coins
Astroport, SEIYAN, Axelar and Pyth.

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What is Sei Network?

Sei is a state-of-the-art Layer 1 blockchain, optimized for digital asset exchange with a broad application range, including DeFi, gaming, social media, and NFTs. Its standout feature is its unparalleled speed, driven by advanced consensus mechanisms, making it a versatile and efficient platform in the digital transaction domain.

Central to Sei's innovation is its ability to address the Exchange Trilemma, balancing decentralization, scalability, and capital efficiency. This is achieved through a trading-centric architecture, enabling Sei to emerge as a vital infrastructure for Web3 applications and digital asset exchanges.

A key differentiator for Sei is its parallelized EVM (Ethereum Virtual Machine) capability, allowing for high throughput and rapid finality. This feature, along with its twin-turbo consensus and market-based parallelization, positions Sei as a leading choice for developers and users seeking a fast, secure, and scalable blockchain platform for digital asset transactions.

Sei Network

How Does Sei’s Optimistic Parallel EVM Work?

Sei v2 marks a significant advancement in blockchain technology as the first parallelized Ethereum Virtual Machine (EVM) blockchain. This upgrade integrates the best of Solana and Ethereum, offering a hyper-optimized execution layer that's fully compatible with the existing EVM ecosystem.

Key features of Sei v2 include:

  • Optimistic Parallelization: Allows concurrent transaction processing, significantly increasing throughput and efficiency. In cases of state conflicts, transactions are reprocessed sequentially to maintain data integrity.
  • Backwards Compatibility: Enables developers to deploy existing EVM smart contracts on Sei without any code changes, streamlining the transition to Sei v2.
  • SeiDB: An improved storage layer that reduces state bloat and enhances read/write performance, facilitating easier syncing for new nodes and supporting scalability.
  • Interoperability: Seamlessly integrates EVM and other execution environments on Sei, offering a cohesive and user-friendly experience.
  • Enhanced Performance: Features rapid transaction processing with 390 ms block times and finality, and a high throughput of 28,300 batched transactions per second, all at lower transaction costs.

Sei v2's combination of these features presents a robust, scalable, and developer-friendly blockchain platform, poised to enhance user experiences and support more interactive applications at reduced costs.

Sei’s Optimistic Parallel EVM Work

Sei Tokenomics

The Sei blockchain uses the SEI token, which plays several critical roles in the network's ecosystem. These roles facilitate network operations, incentivize participation, and support the platform's governance. Here's an overview of the key aspects of SEI tokenomics:

  • Network Fees: SEI tokens are used for transaction fees on the Sei blockchain.
  • DPoS Validator Staking: Token holders can stake SEI tokens for network security and governance participation.
  • Governance: SEI holders have governance rights, influencing the protocol's future.
  • Native Collateral: SEI serves as collateral for applications on the Sei blockchain.
  • Fee Markets: Users can pay validators tips in SEI to prioritize transactions.
  • Trading Fees: SEI can be used for fees on Sei-based exchanges.

Regarding the supply distribution, the total supply of SEI tokens is capped at 10 billion. The allocation is structured to prioritize community involvement and ecosystem development:

  • Ecosystem Reserve (48%): For staking rewards and supporting network contributors.
  • Sei Airdrops and Incentives (3%): Aimed at distributing SEI to active community members.
  • Foundation Treasury (9%): Funds the ongoing operations of the Sei Foundation.
  • Launchpool (3%): Supports new projects on the Sei blockchain.

This tokenomics structure promotes the Sei ecosystem's stability and growth, encouraging active participation and a community-driven approach to development and governance.

Who Founded Sei?

Sei Network was co-founded in 2022 by Dan Edlebeck and Jayendra Jog. Dan Edlebeck, as the Head of Ecosystem at Sei Labs, brings a rich background in business development, marketing, and operations, with a focus on leveraging blockchain technology for impactful goals. He is also known for his entrepreneurial ventures, including founding Deedle Connects and co-founding Exidio.

Jayendra Jog, a co-founder at Sei Labs, has a strong tech background with previous roles at Robinhood, contributing significantly to their software engineering projects. His expertise has been instrumental in developing Sei's technical infrastructure and strategy.

Sei Ecosystem

In the Sei ecosystem, two key applications have garnered the most traction since launching on mainnet:

  • Astroport: A primary DeFi application in the Sei ecosystem, functioning as a decentralized exchange on four chains. It has a Total Value Locked (TVL) of $5.88 million, demonstrating strong growth across various time frames.
  • SEIYAN: The main meme coin of the SEI Network, emphasizing user onboarding and community strengthening. It boasts a market cap of over $25 million, underscoring its popularity and engagement within the ecosystem.

Bottom Line

In summary, Sei Network emerges as a notable force in blockchain technology with its state-of-the-art Layer 1 blockchain, designed for diverse digital asset exchanges. It's uniquely positioned to tackle the Exchange Trilemma, boasting the first parallelized EVM for enhanced throughput and efficiency. With a comprehensive tokenomics structure and the leadership of co-founders Dan Edlebeck and Jayendra Jog, Sei is set to drive innovation and adoption in the blockchain sector, offering a secure, scalable, and developer-friendly platform.

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